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Category: Economists on Economics

Neoclassical Finance and Reality (3 lectures by Robert Shiller)

Neoclassical Finance and Reality (3 lectures by Robert Shiller)

Neoclassical Finance and Reality by Robert Shiller (Yale) @ Princeton (October 8-10, 2013). “The Relative Strengths of Neoclassical and Behavioral Finance for Understanding Bubbles and Systemic Crises“ “Why Don’t Sound Financial Innovations Get Adopted“ “Phishing for phools: The Economics of Manipulation and Deception“, (work in progress with George Akerlof) The third lecture (ppt) gives a good idea about the forthcoming book by George A. Akerlof & Robert J. Shiller: Phishing for Phools: The Economics of Manipulation and Deception (Amazon) [source]

Neuroeconomics?

Neuroeconomics?

David Levine has an interesting article on neuroeconomics (entitled Neuroeconomics?). While skimming through the article I found an interesting analogy concerning neuroeconomics.I did not yet read the article (will do that soon).  Nevertheless, here are some remarks concerning the analogy. David Levine argues: “Suppose you wanted to study Microsoft Word in order, say, to build a better word processor. Would you study the CPU of a PC? Would you  study  how  the  RAM  is  wired?  Or  the  ASICS?  Would  you …

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Interesting discussion: 5 themes for Serious Economics!

Interesting discussion: 5 themes for Serious Economics!

5 suggested common themes for an Economics that takes its subject matter seriously by Bruce Edmonds Davies, Radford, Gelles, and Knibbe discuss Bruce Edmonds’ 5 suggestions Here is what interests me at the moment: the cluster of related models! Right now I am working on a paper (with Petri Ylikoski) which deals with the clustered nature of models in economics. (Our point concerns the philosophy of models.) So I’ll just note (for myself) the comments that relates to this issue….

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Notes on Economics and the Future of Quantitative Social Science

Notes on Economics and the Future of Quantitative Social Science

Notes on Economics and the Future of Quantitative Social Science Andrew J. Oswald (University of Warwick) Abstract This brief paper is written for a meeting in Cambridge-Mass in May 2010. It offers speculations on the scientific future of economics (and some of the quantitative parts of social science). It is closer to guesswork than science and is not designed to be a careful, full study. As an aid to anyone interested in possible trends, it provides data on the most-referenced…

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Catch 22 for History of Economic Thought

Catch 22 for History of Economic Thought

Here is Doug Mackenzie’s formulation of Catch 22 for HET at the SHOE list: “That is a catch 22: they must believe that HET leads to pubs in top journals, but top journals will not bother with HET unless most economists see it as important. Of course, HOPE and JHET are good hits for any economist, so long as they have hits in mainstream journals, but HET is at best optional for most economists. Another avenue is teaching, its pretty…

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How Did Economists Get It So Wrong? Replies to Krugman and more

How Did Economists Get It So Wrong? Replies to Krugman and more

You already know Krugman’s “How Did Economists Get It So Wrong?“. You may want to read the following: David K. Levine’s reply to Krugman Brad de Long’s reply to Levine Kocherlakota’s reply to Krugman Brad de Long’s reply to Kocherlakota John Cochrane’s reply to Krugman Martin Baily’s reply to Krugman Also see: Barry Eichengreen’s piece. — Thanks to Greg Mankiw and Ceyhun Elgin for the pointers.

How Did Economists Get It So Wrong?

How Did Economists Get It So Wrong?

“[…] the economics profession went astray because economists, as a group, mistook beauty, clad in impressive-looking mathematics, for truth. […] When it comes to the all-too-human problem of recessions and depressions, economists need to abandon the neat but wrong solution of assuming that everyone is rational and markets work perfectly. The vision that emerges as the profession rethinks its foundations may not be all that clear; it certainly won’t be neat; but we can hope that it will have the…

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State of Economics after the Crisis

State of Economics after the Crisis

Earlier I mentioned The Economist articles concerning the state of economics after the crisis. Here is a small reading list for the interested philosopher of economics: The Economist take: What wnet wrong with economics, July 16 The State of Economics: The Other Worldly Philosophers, July 16 Financial Economics: Efficiency and Beyond, July 16 Some interesting blog posts concerning the issue: DeLong, J. Bradford (2009) “The Economist’s Take on the State of Macroeconomics Once More…“ Mankiw, Greg (2009) “The Arbiter of…

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What went wrong with economics

What went wrong with economics

The philosophy of economics makes it to the cover of The Economist! July 18th (2009) issue of The Economist asks: “What went wrong with economics?” Philosophers of economists (who did not make it to the cover) may be interested in reading The Economists’ take on the current state of economics in the light of the crisis. Here are the articles in the July 18th issue: * What went wrong with economics? And how the discipline should change to avoid the…

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